I'm not finding the answer to my questions on the web, because my situation is unusual: I had a baby when I was 52!
I'm 55 years old and have a 3-year-old daughter. Her mother and I are getting divorced and I may end up being the typical non-custodial dad paying child support. I understand that I can be on the hook for child support until the child is 23 -- when I'll be 75.
I'd like to retire at 66. I've learned that, at that time, my daughter will receive payments of 50% of my Social Security benefit, without reducing my Social Security checks. That should be about $800/month for her, ages 14-18. The $800 is about two-thirds of what I would be ordered to pay under the usual calculation.
If I retire at 66, is that grounds for modification of the child support order? Will the court reduce my obligation since my income will fall significantly? Can I be required to pay for college, even though I'll be 70 when she starts college? I've read that Social Security payments to my daughter will be from ME so I only have to make up the difference, at most. True?
I'm interested in funding my daughter's college expenses. I don't trust my wife to spend the money on our daughter, though. Can I put it in a trust, with me retaining control, and control going to a friend (not the mother) if I die before she goes to college?
My wife makes a little more money than I do. She doesn't need my money but I would guess that she wants it. What would you suggest as a means to prevent her from going the usual route of claiming primary custody and demanding child support? I'm thinking of offering MORE than she would get under a child support order -- so there's no order that needs modification when I retire.
Appreciate the advice. - Gerome
Child Support and Retirement
Gerome,
The social security benefit the daughter receives on your behalf should be credited dollar for dollar against your child support obligation. This is same as if the child support payor is on social security and the child receives a benefit due to the payor's disability.
As far as college expenses go, you can create a trust for the benefit of the child with someone other than your wife as the trustee. You can fund this trust during your life or with life insurance. You are most likely going to have to agree to a separate life insurance plan that is paid to the mother for the benefit of the child. It can be agreed upon that the amount of the life insurance benefit will be reduced as you get older.
You may want to speak with a divorce attorney to get a better idea of what would be a reasonable offer for a global settlement on all matters.
Wyckoff Nissenbaum
617-410-6467
www.SomervilleLawOffice.com